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Saturday, March 20, 2010

The Implications of Obamacare

It looks like Obamacare is going to pass in the U.S. House tomorrow.

The long term implications, to me, range from complete disaster to little effect. In the complete disaster scenario America is on a course to look like Western Europe for the next generation. This is great if you enjoy structural unemployment of 12%, lack of opportunities for entrepreneurship, and having to deal with bureaucrats to get a sign off on basic medical procedures.

On the other hand, maybe this will mean nothing because business people in America won't care in the long term about how heavily they're taxed. In the short term they'll of course be angry and declare Obama the embodiment of evil. Ultimately, the rich are the people who will pay the bills under our new bizzaro world politics universe. You will have a whole lot of people who will essentially get free healthcare now. That's great for them. Who wants to pay for something when you don't have to? This assumes the rich will mindlessly continue to make a whole lot of money for the Feds to take. I know enough rich people to know that a lot of them care little for anything other than making money. Practically, you probably can tax people up to 60% to 75%. What else is an entrepreneurial guy going to do? Write poetry? If the rich sheep keep working and investing, all will be good.

So maybe Obamacare will be a great thing. Maybe all the people who are adamently opposed to it will be among the first to get in line to collect the benefits. Last I checked, nobody is refusing to cash Social Security checks or receive their Medicare benefits. It all hinges on the rich. Keep on working you rich people. Keep my gifts coming.